Having to bid at auction can be intimidating if not confusing when listening to the auction lingo, also known as the Auction Chant.
I will only take rises of $10,000 or more means the bidding is a long way short of the reserve price.
First call! Second call! If the property is not yet on the market, the auctioneer is trying to provoke fear in buyers that they will miss out if they do not bid now and if the property is on the market (reserve has been met) you will miss out if you don’t bid now.
I will refer the bid means the bidding has stalled below the reserve and the auctioneer needs to talk to the selling agent to apply pressure on the vendor to lower their reserve price, in the hope of making a sale under the hammer.
I am selling or we are playing for keeps means the property is on the market and will go to the highest bidder.
Let us continue with the auction lingo!
I am making a vendor bid of means the auction has either stalled a long way before reserve or no one has made an opening bid.
I am confident it will be sold under the hammer means the auctioneer has been advised by the selling agent that the property has a really low reserve or the selling agent has received decent pre-auction offers from buyers who are at the auction.
Last opportunity means the property is about to be passed in if the reserve has not been met or if the reserve has been met, the property is about to be sold.
I am happy to take rises of $500 means the bidding is close to the reserve or the property is about to be sold and the auctioneer is trying to get a bit more out of the bidders.
There is real value here today buyers translates to the auctioneer trying to encourage bids when none are forthcoming.
We think it’s worth more means the selling agent has over-quoted to the vendor to get the listing, or the bidding is a long from the reserve, or a combination of both.
We are selling today is typically an attempt to get you to bid when the reserve has not been met.
For more info, go to Bid At Auction.